Key Take Aways from Chicago’s April 2021 Mastermind Group Meeting!
- Todd McCollister: Illinois has the IL dry cleaner trust fund to allow them to get environmental liability insurance. 1997-2006 located sites and working with those dry cleaners since then. The actual fund has been dissolved as of last year and taken over by the IL EPA. The last few sites being worked on. Important because if you are associated with a property with a dry cleaner on it, they probably went through this process.
- Corey Walz: Has been very busy with medical office space – taking a big box retail space with a significant cap rate. Will double their portfolio and triple their portfolio on the square footage side. Todd’s firm helped them with the environmental and PCA pieces to make this possible.
- Kyle Seychel: Capital is a big discussion right now. The last year and a half has been crazy with how much capital has been introduced into the space. His role is to introduce the capital providers to the buyer/representation side so they can deploy their capital.
- Mike Spirovski: Multi-family and industrial is primarily what they are seeing and office is slowly starting to creep in. Seeing capital getting a lot more aggressive but on the flip side there has been a lack of good deals.
- Megan Walsh: The real uptick is in restaurants. Those that were financially sound pre-covid are starting to move and bring more projects. They are however being more careful with regards to selection.
- Liz Butler: Cannabis and industrial are the bright spots right now. The City of Chicago passed a new air quality ordinance and requires an air quality intake review prior to issuing a building permit.
With regards to getting into the ‘good graces’ of the investment community:
- Brian Davis: As soon as a project kicks off and starts to realize and ROI and comes to fruition (no matter where the capital came from), we will see a domino effect .
- Brandon Svec: Not seeing much thawing yet; depends on the capital source. Easy to raise money in Austin or Nashville – harder to raise the money for Chicago, however, the reassessment in downtown Chicago will help (i.e., the curtain of uncertainty should be removed).
- Hart Passman: Our officials do not understand how the money side works for development. If you’re an investor you can put your money anywhere – no one is talking about what this means to real estate investments.
- Dave Mazurek: Capital institutions are looking for the next big thing and right now Boise, Idaho is an attractive candidate.
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